Similarities Between The Iliad And Medea - 1950 Words

In Greek Mythology, one of the most major components are the Greek Gods and Goddesses. The Greeks created these myths to have a background on how their culture was established and what they found to be important. These stories were told by ancient greeks to explain their religion before the modern use of science and logic. In the Iliad, Aeneid and Medea they all had meaningful similarities but there also were differences. The stories told by these philosophers had a lasting effect on how their citizens acted in the past and even to this day. The myths in these stories have broughten to light what their culture found to be significant in life. Whereas Iliad, Medea and Aeneid are different as Iliad is more about fate, while Aeneid†¦show more content†¦Also reveals that death of a loved one can affect someone and motivate them to seek retaliation. Another similarity between these Iliad and Aeneid is that one single woman creates conflict in both of the stories. In the Aeneid T urnus goes to war with Aeneas because he takes his bride Lavinia which starts the war between both nations. In the Iliad Paris stole â€Å"Helen away, he went to wide-ruling Agamemnon, his powerful brother, and asked him to raise an army to bring her back,† (Rosenberg 126). In both of these two myths the start of the war was because of a woman. This shows that in both of their culture they see women almost like objects. It also shows in their cultures beautiful and superior women were often sometimes the root cause for warfare. This displays one of the major themes of gender roles revealing how both the Roman and Greek cultures found women to be seen as property for men and shows how weak women are because they dont have the ability to protect themselves from potential dangers. Differences between the myths Iliad and Aeneid is that one hero confirms his fate and the other leaves it open to debate. In the Aeneid the story ends at the Aeneas killing Turnus but it leaves the reader questioning if he finished his fate becoming the founder of Rome. In the Iliad Thetis tells Achilles that he has the choice to either return home and live a long life without glory, or die aShow MoreRelatedHomeric Rage and Heroism Essay1127 Words   |  5 PagesAfter reading the ancient Greek stories entitled The Iliad and Medea, authored by Homer and Euripides, respectively, I realized a startling and disturbing truth involving society during ancient Greek times. It seems as though no matter how similar the circumstances, or how similar the action undertaken and the reason for undertaking such an action, women in ancient Greek society were never, ever, regarded as being heroic. While a man who chose to commit selfishly rageful atrocities during thisRead MoreEssay on Jason vs Odysseus937 Words   |  4 Pagesa standing challenge to give up the fleece to anyone who could tame two fire-breathing bulls and then use them to plow a field with dragons teeth. Jason was stumped by how to pass this quest and was saved at the last moment by Aeetes own daughter Medea, who gave him a potion of wild herbs that would protect him from the fiery breath of the bulls. With the help, Jason easily tamed the bulls, and began to sow the field, but noticed that where he had put the teeth, soldiers were springing up from theRead MoreTreatment of Women in Ancient Literature Essay1647 Words   |  7 Pageswoman who waits, maintains chastity, and is silent. Euripides’ Medea is a character that does not follow the norm of the female role. In the classical age, women were expected to be meek and powerless creatures, and when they were not they were usually considered to be hysterical. Medea’s strength is portrayed as her madness as she takes control and decides the fate of her enemies. She is a strong character and Euripides allows Medea to have a voice by allowing the audience to witness her breakRead MoreGreek Mythology8088 Words   |  33 Pages  in  addition  to  its  multiple  versions.  The   Greek  gods  resembled  human  beings  in  their  form  and  in  their  emotions,  and  they  lived  in  a  society   that  resembled  human  society  in  its  levels  of  authority  and  power.  However,  a  crucial  difference   existed  between  gods  and  human  beings:  Humans  died,  and  gods  were  immortal.  Heroes  also  played   an  important  role  in  Greek  mythology,  and  stories  about  them  conveyed  serious  themes.  The  Greeks   considered  human  heroes  from  the  past  closer  to  themselves  than  were  the  immortal  gods

Significamt Health Care Event Free Essays

Significant Health Care Event Violet Sowell HCS/ 531 Feburary 4, 2013 Regina Phelps Significant Health Care Event In the paper the topic to be discussed is a significant healthcare event. There are many events that have an impact on healthcare. The significant event that will be discussed in more detail is managed care. We will write a custom essay sample on Significamt Health Care Event or any similar topic only for you Order Now The main points to be discussed in further details are how managed care relates to the changes in health care, has managed care impacted the historical evolution of health care, and based on beliefs and values do I agree with managed care’s significance. To fully understand the significant health care event managed care first needs to be defined. According to Shi, L. , Singh, D. (2012), â€Å"Managed care is a system of health care delivery that seeks to achieve efficiencies by integrating the four functions of health care delivery discussed earlier, employs mechanisms to control (managed) utilization of medical services, and determines the price at which the services are purchased and, consequently, how much the provides get paid† (P. 8). Managed Care Relating to the Changes in Health Care Health care costs are rising significantly throughout the years. In the 1990s rising cost in managed care grew rapidly resulting in consumers to keep up with these rising costs. Individuals who are paying health care insurance out of pocket are struggling to pay these costs. Conklin, T. stated, â€Å"Managed care-on the other hand-reflects a significant change in doing business that gradually reached most areas of the health care arena† (2002). With the changes in health care costs hospital admissions are reducing, increase of ambulatory care, out-patient surgeries, and home care (Conklin, T, 2012). Individuals’ deductibles and co-pays are increasing in result of managed care. There are many struggles that health providers face when working in managed care. Raiz, I. A. (2006), â€Å"The experiences of mental health providers working in managed care settings have paralleled those of providers working in the general health care field, as both are affected by market place trends† (P. 2). Different health providers are affected by the changes in managed care in one way or the other. Managed Care’s impact on Historical Evolution of Health Care I believe that that managed care impacted the historical evolution of health care. When managed care was developed in the United States the main purpose was to improve medical care outcomes as well as efficiency. Westert, G. P. , â€Å"During the second half of the twentieth century, managed care developed in the United States as a mechanism for constraining the growth of health care costs by controlling the delivery system† (2005). The federal government decided to offer managed care options through Medicare because of the growing expenses that the elderly have to through Medicare. Westert, â€Å"Reductions in health care utilization brought about by managed care in the western United States have been adopted in other areas of the nation and the world† (2005). After the increase of managed care through the 1980’s and 1990’s as well as the twentieth century managed care began to decline. The association between the plans and the health care providers began to weaken in the United States when dealing with managed care. Once managed care began rising in cost consumers and providers decided to look elsewhere. Managed care began to change so that the health care providers and consumers come back to use the plans. When managed care began to decline the increase of insurance deductibles for employee offered by the employers. Agreeing with Managed Care’s Significance based on beliefs and values Based on my beliefs and values I personally agree on managed care’s significance. Managed care has had up and downs throughout the years. The federal government has changed managed care to help the consumers and providers to ensure efficiency and effectiveness for the patient’s. Managed care offers employers the chance to raise deductibles in order to lower insurance premiums. Conclusion Managed care has made an impact on the evolution of health care beginning with the decline of health care cost to the increase in these costs. Managed care has been changed over the years to better improve the plans for consumers and providers. The federal government is working to find way to improve health care costs for the consumers so that the costs are affordable. References Conklin, T. P. (2002). Health Care in the â€Å"United States: An evolving system. Families HealthCare. Vol. , no. 1, Fall 2002. Retrieved from http://hdl. handle. net/2027/spo. 919087. 0007. 102 Riaz, I. A. (2006). The effect of managed care on professional psychology. Spalding University). ProQuest Dissertations and Theses, , 132-132 p. Retrieved fromhttp://search. proquest. com/docview/304917965? accountid=35812. (304917965). Shi, L. , Singh, D. (2012). Delivering health care in America: A system approach. (5th ed). Boston, Ma: Jones and Bartlett. Westert, G. P. (2005). Current and future developments in managed care in the United States and implications for Europe. Retrieved from http://www. health-policy-systems. com/content/3/1/4 How to cite Significamt Health Care Event, Essay examples

Role Played by Leaders in Achieving Effectiveness in Managing 21st Cen

Question: Discuss bout the Role Played by Leaders in Achieving Effectiveness in Managing 21st Century Organisations. Answer: Introduction Background Information Every organization has goals and objectives for its prosperity, and improved prosperous future (Hamill, 2011). However, establishing goals, objectives and mission statements are not in themselves sufficient. Every organization needs to establish practical actions and steps to achieve these goals, objectives and mission statements; these aspects require various and distinct type of skills, knowledge and talent to be prosperous (Dyos, 2005). Indeed, to obtain the level of unrelenting performance and sustainability organizations will require to vehemently review and re-evaluate their way of operations. While considering these steps and actions for an organization, scholars, researchers, and practitioners have asserted that such organizations have to initially identify, understand, adopt and implement reforms in their business models (Caetano, 2012; Bass, Stogdill, and Stogdill, 2013). Such models should conform to changing technologies, trends, markets and customers preferences and futu re concerns. While organizational change as described by Caetano (2012) is a necessity of time to endure business prosperity, Bennis and Nanus (2011) and Boston (2012) asserts that change is crucial for the long-term performance of the organization. Apparently, organizations may lose their market share and product or service reputation if they failed to adeptly prepare for the changing situations and working environment (Boston, 201). Further, different scholars have described the significance of organizational change differently (Caldwell, Hasan, Smith, 2015). However, there is the consensus that for continued performance and sustainability, organizational change will be an indispensable ingredient. While advocating organizational change is a singular element, the next remains on who is to initiate such changes in the organizations; take up practical actions and steps; who is the individual(s) in charge Ahmad. Researchers and scholars have had similar ground that the functions of the leader or leadership is important while resolving the concern of organizational change or managing organizations. Kilkelly (2014) observed that the functions of leadership is a primary while pursuing and managing organizational change. Additionally, Kilkelly observed that an effective leader could be the source of effective organizational change. Senior and Fleming in Organizational Change discussed the role of leadership for current and future changing working environments. They perceived that an organizations leadership is that organizations change agent, and was responsible for initiating change. As noted, leadership is vital and especially its implication for organizational change; change that i s a need of the time aimed at continued performance and sustainability (Kattan, De Pablos Heredero, Montes Botella, and Margalina, 2016). Indeed, a leader could play a requisite role in determining the anticipated shape of an organization and assuming the required actions and steps, which are ingredients for the process. As such, it is important to address the concern of what type of leadership is then feasible to elicit the needed change in this 21st-century organizations. At that point, Hamill (2011) categorically counted that the function of the leader was as fundamental for handling organizational change, as was for enduring the process to achieve organizational performance and survivability. Considering the complexity and how challenging the process of change may be as observed by Encombe (2008), it essential to have an effective and competent leadership that will adequately man the process and manage the situation (Bennis, 2011). Bennis further acknowledges that exceptional attributes, characteristics, and qualities are needed to develop a leader to bring forth organizational change and success in the long term. Problem Statement With globalization, the world has gradually transformed into a small global village; where there is an upsurging incidence of competitions and contentions amongst organizations (Gesell, 2010; Kwangduck Park, 2016). The scenario has become so vicious that only the most effective and prudent approach for organizations seeking performance and / or survival is by establishing and implementing innovative strategies in their operationalization, that are change oriented (Gesell, 2010). Markedly, organization change depicts todays necessity. It is vital to any organizations survival (Lo, Ramayah, Isa, and Jais, 2013). Indeed, originations are not only aware of this glare necessity but are also keen to equip themselves for the current and future changing trends as they pursue performance and sustainability. However, Yahaya and Ebrahim (2016) note that despite its significance, the pursuit of organizational change is remarkably very complex, challenging and gradual (Bennis and Nanus, 2012). Th e empirical review has indicated that more than 70% of organization-initiated changes have failed to achieve their goals (Nolan, 2007). Undeniably, leadership plays an indispensable role in realizing such organizational change, and thus the needed transformation. The pursuit of organizational change will need very highly competent and efficient leadership, which is well-versed and capable of achieving the most anticipated shape for the organization (Weidman, 2002; Northouse, 2004; Nolan, 2009). Additionally, leadership will help appropriately address the concern of organizational change. Nonetheless, leadership in its sole state is insufficient (Weidman, 2002); but the effective and competent leadership that will adequately man the change process and manage the situation is what is needed to comprehend, appreciate, formulate and execute the most appropriate and needed change for the 21st century organizations (Senior and Fleming, 2006). But, the concern stands on what exceptional attributes, characteristics, skills, talent, competencies, and qualities are a prerequisite for an effective leadership that is looked up to bring the needed change (Caldwell, Hasan and Smith, 2015). Notably, visionary leadership executed under an innovative approach is vital in making this changes occurs successfully (Gesell, 2010; Bass, 2013). Significantly, it will also be necessary to understand the relationship between such effective leadership and the anticipated organization performance (Pardey, 2008). Previously, scholarly and research efforts have been driven towards the role of lea dership paying attention to leadership characteristics and competencies to solve various organizations issues. They engaged various theories and styles to handle and manage the various organizations issues. However, they failed to address the relationship between effective leadership and organizational change. As such, to narrow this gap, this study will examine the role that organizational leaders execute while seeking organization effectiveness; through performance and survivability, especially now and in the future. The study will assume the leader as the individual responsible for organizational change or one who is bestowed with overseeing institutional transformation; being a change agent. The leader is perceived as possessing not only the leadership capability but also, the competence quality. Indeed, the 21st century is marred with rapid transformations in technology, advancements in markets, changing consumer preferences and attitudes; thereby compelling the existent organizations to re-evaluate and re-view their way of business. Particularly, it is vital for these organizations to identify, understand, and adopt transformations in their business models as a response to the continued global and market changes noted above. Research Objectivess The study will evaluate the role played by leaders in achieving effectiveness in managing 21st-century organizations. To achieve this core objective, the study will also; Assess the concept of effective leadership and the various types of effective leadership behaviourb.Examine the major competencies (Cognitive, Functional, and Social) practices important for developing an effective organizational leaderc. Evaluate the influence of effective leadership on organizational changed. Determine to what level the achieved organizational change contributes to organizational performancee. Determine the challenges faced by global leaders in the 21st century organizationsResearch QuestionsThe study will also seek k to address the following questions; In what manner does leadership behaviour relate to organizational change? In what manner does leadership behaviour relate to organizational performance? Justification of the Project In order to meet the ever-changing business environment and the highly competitive trends, organizations need to transform their business models based on the technologies, trends, and future concerns. The dire necessity requires the most effective and competent leadership for organizations (Nolan, 2009). As stated by Hamill (2011) it should be a leadership that is not only well-versed and capable of understanding and analyzing the 21st centurys business trends, but also proves effective and helpful to achieve management effectiveness. There is much significance of leadership when it implores vision and foster change through an innovative approach to achieving that vision prosperously. Hence, noting the essentiality of this background, the study will, therefore, explore this assertion through analysis of theoretical and empirical literature as well as engage case-study analysis in the studys sample population. It will immensely draw inferences from the realms of organizational change, leadership competencies, and sustainable performance. Thus, a model entailing visionary and innovative leadership will be developed highlighting the relationship between leadership and sustained organizational performance anchored upon leadership characteristics, especially vision and innovativeness. Expected Research Output/Outcome The study expects to develop an analytical framework that will help evaluate the concept of effective leadership and the various types of effective leadership behavior as well as blend the various major skills, behavior and practices important for developing an effective organizational leader. Moreover, it expected that with effective leadership, there is increased organizational change; thereby leading to innovation for the organization that is an indispensable ingredient for long-term performance and sustainability. Conceptual Framework and Research Hypotheses With globalization, it has not only resulted in the globe turning into a small village but also led to changing humankind mindsets and thus, organization trends. The shift has also seen the emergence of rapidly transforming technologies, trends, business environments, markets and customers preferences and future concerns (Encombe, 2008). Resultantly, the expectations and needs of customers are very high towards organizations as well as very dynamic (Hamill, 2011). Thereby, it is amicable for these organizations to not only address these current consumers expectations and demands but also, forecast into the future trends and to ensure they prepare ahead of time. Purposively, these organizations should adopt and transform their business models. Organizational change entails the deliberate effort by the organizations headship to foster the business towards improvement. With change, organizations are better placed with the ability to respond to current and future trends, social and econo mic changes, technological changes, in addition to offering a competitive edge in the 21st-century business environment characterized with dynamism and high competition (Senior Fleming, 2006). Change then further influences the performance of the organization incredibly and possible long term sustainability.Leadership and its considerable roles are so far the most concerning aspect of the management of organizations and organizational change (Northouse, 2004). Scholars have previously asserted that managerial leadership has a primary function in evolution and nurturing an organization (Northouse, 2004; Dyos, 2005; Nolan, 2007; Kilkelly, 2014; Ahmad et al, 2015). It helps curb management challenges and also facilitate achievement of organizational goals. Considering the complexity and how challenging the process of change may be, it essential to have an effective and competent leadership that will adequately man the change process and manage the situation (Encombe, 2008). A leader b eing human may possess various leadership characteristics and competencies. These attributes as presented in leadership theories and practices may enhance leadership effectiveness. Some attributes are relatively more significant than others. Particularly, vision is vital in perceiving the future and future trends and innovativeness may enhance an organizations pathway to sustainable success through the efficient formulation of the strategy for a desirable organizational future (Kwangduck Park, 2016). Despite vision and innovativeness being the far most vital effective leadership competencies, there are still other vital capabilities and competencies of leadership that are prerequisites for efficient leadership.Hence, the study will settle on explorative studies, especially theoretical and empirical reviews as pertains efficient leadership. In this case, a model entailing visionary and innovative leadership will be developed highlighting the relationship between leadership and sustai ned organizational performance anchored upon leadership characteristics, especially vision and innovativeness. The aforementioned relationship is summarized as illustrated below; Figure 1 Conceptual Framework The above framework will help the study evaluate the role played by leaders in achieving effectiveness in managing 21st-century organizations. Research Hypotheses From the above depiction, the study will also test the following Null Hypothesis; H (1): Leadership competencies have no influence on effective leadership H (1): Effective leadership has no influence on organizational performance Methodology Notably, the study will engage a set of research techniques. Firstly, it will review previous literature, including theoretical and empirical review relevant to the subject matter (Bryman and Bell, 2007; Sharples, 2011). The descriptive research design will also include both qualitative and quantitative approaches (Sahin et al., 2011). The two approaches embed the blueprint for data collection, data measurement, and data analysis as related to the study objectives and questions. In so doing, for the data collection techniques, the study will employ case studies, surveys, and questionnaires. Data sources will include personal interviews, questionnaires, observations and interviews for primary data and library searches for secondary data (Smallbone et al., 2012). Further, data analysis will take the form of frequency and descriptive characteristics to characterize the studys sample. This will include frequency distributions (tables, graphs, means, pie-charts etc.). Additionally, the st udy will employ a linear regression analysis (Cooper and Schindler 2001; Babbie 2013) to evaluate the relationship between effective leadership and sustained organizational performance anchored upon leadership competencies. Moreover, the study research process will be hierarchical in nature taking into consideration the research stages as advanced by Kumar (1998) to explain the phenomenon of effective leadership as influencing organizational change, and thus organization performance (Saunders, Lewis and Thornhill 2003). The resultant outcome will offer an explanatory illustration of the subject matter, especially for the 21st-century organizations. Organization of the Study The study will involve; Chapter One - that will present the background of the study, research problem, objectives and research questions, justification and the scope of the study Chapter two that will present the theoretical and empirical review, conceptual framework, and a critique of the review of literature Chapter Three that will present the research methodologies; including research design, data collection techniques tools, data analysis techniques, data validity reliability Chapter Four will present the research findings from analysis Chapter Five will present the summary of findings, conclusions and recommendations as pertains effective leadership and its role in achieving organization change, and eventually organizational performance. Gantt Chart The study will be performed based on the following schedules; Research Task Duration (Days) Chapter One April June 2016 Chapter Two June 2016 Chapter Three July 2016 Chapter Four August September 2016 Chapter Five September October 2016 Final Report October 2016 Project Budget and Budget Justification To achieve the studys objectives and address the various research questions, the study will have to stick to a budget projection. Research Task Duration (Days) Budget Projection Chapter One April June 2016 $250 Chapter Two June 2016 $250 Chapter Three July 2016 $2200 Chapter Four August September 2016 $700 Chapter Five September October 2016 $100 Final Report October 2016 $500 Total $4000 References Ahmad, A., Halim Abdul Majid, A., Lazim Mohd Zin, M. (2015). The Measurement of the Effectiveness of Leadership Styles for Organizational Commitment in Pakistan.Asian Social Science. https://dx.doi.org/10.5539/ass.v11n25p135 Babbie, E. (2013).The practice of social research(3rd Ed.). Belmont: Wadsworth Pub. Co. Bass, B., Stogdill, R., Stogdill, R. (2013).Bass Stogdill's handbook of leadership(4th Ed.). New York: Free Press. Bennis, W. Nanus, B. (2011). Leaders: the strategies for taking charge.New York: Haper And Row,24(4), 503-508. Boston, M. (2012). Management Decision and Research Center.Washington, DC,VA Health Services Research and Development Service, Office of Research and Development (Dept. of Veterans Affairs). Bryman, A. Bell, E. (2007).Business research methods. Oxford: Oxford University Press. Caetano, A. (2012). Mudana organizacional e gesto de recursos humanos.Observatrio Do Emprego E Formao Profissional. Lisboa: Colprinter - Indstria Grfica, Lda,25(3), 177-196. Caldwell, C., Hasan, Z., Smith, S. (2015). Virtuous leadership insights for the 21st century.Journal of Mgmt Development,34(9), 1181-1200. https://dx.doi.org/10.1108/jmd-11-2014-0148 Cooper, D. Schindler, P. (2001).Business Research Methods(7th Ed.). Sydney: McGraw-Hil. Dyos, A. (2005). Developing leaders to support a new vision at Genesis.Strategic HR Review,4(5), 10-11. https://dx.doi.org/10.1108/14754390580000813 Encombe, J. (2008). Equipping leaders for the 21st century.Strategic HR Review,7(5), 23-27. https://dx.doi.org/10.1108/14754390810893062 Hamill, P. (2011). Embodied leadership: towards a new way of developing leaders.Strategic HR Review,10(5), 5-10. https://dx.doi.org/10.1108/14754391111154832 Kattan, M., De Pablos Heredero, C., Montes Botella, J., Margalina, V. (2016). Factors of Successful Women Leadership in Saudi Arabia.Asian Social Science,12(5), 94. https://dx.doi.org/10.5539/ass.v12n5p94 Kilkelly, E. (2014). Creating leaders for successful change management.Strategic HR Review,13(3), 127-129. https://dx.doi.org/10.1108/shr-01-2014-0004 Kwangduck Park,. (2016). An Analysis on Relation between leadership styles and Organizational Performances in Long-Term Care Facilities.Korean Comparative Government Review,20(1), 49-73. https://dx.doi.org/10.18397/kcgr.2016.20.1.49 Lo, M., Ramayah, T., Isa, A., Jais, M. (2013). Leadership styles and financial services performance.IJMP,6(4), 299. https://dx.doi.org/10.1504/ijmp.2013.057821 Nolan, S. (2007). Leadership in the 21st century.Strategic HR Review,6(5), 2-2. https://dx.doi.org/10.1108/14754390980000986 Nolan, S. (2009). Followership. How Followers Are Creating Change and Changing Leaders.Strategic HR Review,8(3). https://dx.doi.org/10.1108/shr.2009.37208cae.001 Northouse, P. (2004).Leadership. Thousand Oaks, Calif.: Sage. Pardey, D. (2008). Next generation leaders.Strategic HR Review,7(3), 32-36. https://dx.doi.org/10.1108/14754390810865793 Saunders, M., Lewis, P., Thornhill, A. (2003).Research methods for business students. Harlow, England: Prentice Hall. Weidman, D. (2002). Executive Perspective: Redefining Leadership for the 21st Century.Journal Of Business Strategy,23(5), 16-18. https://dx.doi.org/10.1108/eb040269 Yahaya, R. Ebrahim, F. (2016). Leadership styles and organizational commitment: literature review.Journal Of Mgmt Development,35(2), 190-216. https://dx.doi.org/10.1108/jmd-01-2015-0004

THE RESUMPTION OF WHALING BY NORWAY A Paper By Bryan Togias Introducti

THE RESUMPTION OF WHALING BY NORWAY A paper by Bryan Togias Introduction The following paper is about the resumption of whaling by Norway with a focus on the American attitude towards whaling in general. Whaling is a very sensitive issue for many people, including myself. There are many people who feel that whales are highly intelligent mammals, akin to humanity in many ways. They cite the fact that whales mate for life, the size of the average whales brain, and the proof that whales communicate with one another ; all of these traits they share with us. The anti-whaling people feel that to kill whales for their meat or oil, would be like killing people for their meat or oil. The pro whaling people don't buy any of their reasoning. The pro whaling people feel that it is their right to use their resources any way that they want, and no one can tell them what to do. These people don't feel that whales are intelligent or that the s ize of their brains has any thing to do with it. The people of Norway don't see a problem with whaling because they were raised w ith it. The anti-whali An international study by Milton Freeman and Stephen Kellert, published in 1992, surveyed people in 6 major countries including Australia, Germany, Japan, Norway, The United Kingdom and The United States about their attitudes towards whales and whaling. 57% of the US respondents confirmed that they "opposed the hunting of whales under any circumstances" and 55% felt that "even regulated whaling must be abandoned" (Skare 1994). Although none of the respondent groups showed a high level of knowledge on the subject, all seemed to agree on the following points. 1. The protection of whale habitats from pollution and disturbance. 2. Maintaining an "ecosystem" perspective in whale management. 3. Basing harvest levels on the most sound scientific advice available. In Norway where whale hunting was once a big industry the proponents of whaling scoff at the prospect of a world without whaling. Norway claims that whaling in their country dates back more than ten thousand years (Skare 1994) and that history, they claim, gives them the right to exploit the resources that they have available to them; what they don't say is that those "resources" aren't really their own to exploit. Eric Doyle, a member of Greenpeace, an environmental watchdog group, explained to me (over the telephone) that the boundaries that countries draw up don't mean anything to whales or even to whaling boats in some instances. Doyle, explained that because Norway is one of the very few countries that have resumed whaling ,their boats aren't closely watched, and are often overlooked because there aren't many of them out there (Doyle 1995). Norwegians who are involved in whaling, hunt Minke whales in the northeast Atlantic, where the whale stock is estimated to consist of approximately eighty-six thousand seven hundred minke whales (Donovan 1994). In the late eighties Norway imposed a ban on itself that ended whaling, commercially, whaling for the purpose of scientific research, however continued with no end in sight. The History of The Regulated Whaling Industry... Whaling has always been a source of income and, whales an endless source of useful products. The meat for our diets, the oil to lubricate our cars and bicycles, the blubber to make shampoo, soap, and many other products too numerous to mention (Skare 1994). However with the invention of synthetic oils and the notion of healthy living on our minds; the average American has little interaction with whale products. This fact has constituted the main body of the anti-whaling argument, as if to say, if the Americans can live without whaling then everyone else can too. In nineteen-twenty six, the League of Nations created a subcommittee to oversee and regulate the growing whaling industry; but it was not until nineteen forty-six that a working regulatory committee was established. At the initiative of the United States, the International Convention for the Regulation of Whaling (ICRW) was adopted by the League of Nations. The ICRW called for such a working committee, and thus the International Whaling Commission (IWC) was created. ICRW was intended to safeguard and regulate

Free Essays on Civil Disobedience As A Response To Apathy

Racial equality has been a highly charged issue throughout the history of the United States of America. During the 1960’s, Dr. Martin Luther King, Jr., rose to prominence as the premier spokesperson for the civil rights movement, demanding an end to the de facto segregation that existed in defiance of constitutional, and in his opinion moral, law. Nonviolent civil disobedience was the technique of choice for King and his supporters as they attempted to force the established power structure into negotiating the abolition of unjust laws. Jailed in 1963 for participating in one such â€Å"direct action† in Birmingham, Alabama, King used his time in prison to pen â€Å"Letter from Birmingham Jail†, a measured response to fellow clergymen critical of his actions as untimely threats to order. Repeatedly expressing his disappointment with the apathy of the â€Å"white moderate† in his letter, King proves the necessity of direct action to overcome this apathy an d achieve true racial equality. King characterizes the white moderate as one â€Å"more devoted to ‘order’ than to justice† (189), and therefore as one incognizant of the reason that society establishes the rule of law. Moral justice, he argues, is the ultimate purpose of the law, and that obedience to an unjust law is as immoral as violence. Furthermore, he recognizes that the unbearable consequences of segregation may seem far removed from the everyday reality of the white moderate. Therefore, direct action in the form of peaceful protest is not only the morally correct course of action, but also pressures the many who prefer to ignore the situation to take a stand by disrupting the comfortable routine of their lives. King writes, â€Å"Lukewarm acceptance is much more bewildering than outright rejection† (189). The goal is not to win wholehearted support in one fell swoop, but to focus attention on segregation and polarize opinions as a starting point. King also characterizes... Free Essays on Civil Disobedience As A Response To Apathy Free Essays on Civil Disobedience As A Response To Apathy Racial equality has been a highly charged issue throughout the history of the United States of America. During the 1960’s, Dr. Martin Luther King, Jr., rose to prominence as the premier spokesperson for the civil rights movement, demanding an end to the de facto segregation that existed in defiance of constitutional, and in his opinion moral, law. Nonviolent civil disobedience was the technique of choice for King and his supporters as they attempted to force the established power structure into negotiating the abolition of unjust laws. Jailed in 1963 for participating in one such â€Å"direct action† in Birmingham, Alabama, King used his time in prison to pen â€Å"Letter from Birmingham Jail†, a measured response to fellow clergymen critical of his actions as untimely threats to order. Repeatedly expressing his disappointment with the apathy of the â€Å"white moderate† in his letter, King proves the necessity of direct action to overcome this apathy an d achieve true racial equality. King characterizes the white moderate as one â€Å"more devoted to ‘order’ than to justice† (189), and therefore as one incognizant of the reason that society establishes the rule of law. Moral justice, he argues, is the ultimate purpose of the law, and that obedience to an unjust law is as immoral as violence. Furthermore, he recognizes that the unbearable consequences of segregation may seem far removed from the everyday reality of the white moderate. Therefore, direct action in the form of peaceful protest is not only the morally correct course of action, but also pressures the many who prefer to ignore the situation to take a stand by disrupting the comfortable routine of their lives. King writes, â€Å"Lukewarm acceptance is much more bewildering than outright rejection† (189). The goal is not to win wholehearted support in one fell swoop, but to focus attention on segregation and polarize opinions as a starting point. King also characterizes...

The Great Gatsby Questions for Study and Discussion

'The Great Gatsby' Questions for Study and Discussion The Great Gatsby is the most famous novel by F. Scott Fitzgerald. The story is a symbolic portrayal of the decline of the American Dream. Its an accurate portrayal of the Jazz age cemented him as a fixture in literary history. Fitzgerald is a master storyteller and layers his novels with themes and symbolism. Here are a few questions to get your next book club started with. Study Questions for The Great Gatsby What is important about the title of The Great Gatsby?  Which adaptations of the novel have you seen? What did you think of them?What are the conflicts in The Great Gatsby? What types of conflict (physical, moral, intellectual, or emotional) are in this novel? Are they resolved?Why is Gatsby unable to put the past behind him? Why does he demand Daisy renounce her former love for her husband?What choice would you have made in Daisys situation?What role does Daisy play in Gatsbys downfall?How is alcohol used in the novel?The novel is told from the perspective of a friend  Gatsby, why do you think the author chose Nick to tell the story?How does F. Scott Fitzgerald reveal character in The Great Gatsby?How is class depicted in the novel? What point is the author trying to make?What are some themes and symbols in The Great Gatsby?What does the green light represent?Why does the author call our attention to the ad for Doctor T.J.  Eckleburg optometry? What is the meaning of the vacan t eyes which watch the characters? Is Gatsby consistent in his actions? Why did he change his name? Do you ever find him fake (or contrived)? Is he a fully developed character?Do you consider Gatsby to be a self-made man? Is he a good portrayal of reaching the American Dream?Do you find the characters likable? Would you want to meet the characters?Did the novel end the way you expected?How essential is the setting? Could the story have taken place anywhere else? In any other time?What do you think the lavish parties at Gatsbys mansion were meant to represent? What is the author trying to say about American culture?What is the role of women in The Great Gatsby? Is love relevant? Are relationships meaningful?What did you think about Daisys assessment that women must be pretty but unintelligent if they want to be happy? What in her life led her to this conclusion?Why is The Great Gatsby controversial? Why has it been banned/challenged?How does religion figure into the novel? How would the novel be different if religion ( or spirituality) played a more prominent role in the text? How does The Great Gatsby relate to current society? How well did it represent the Jazz Age (society and literature at the time it was published)? Is the novel still relevant?Would you recommend The Great Gatsby to a friend?

Sap Essay Example | Topics and Well Written Essays - 750 words

Sap - Essay Example That is what kind of approach to procuring will be suitable for the organization. Approaches that can be used include group related, plant-specific or enterprise related. Group related approach is one where the organization is responsible for all company codes in a client. Enterprise related is responsible for one company code. Plant specific is one where purchasing organization is responsible for one plant. Defining purchasing organizations helps in availing of the conditions and contractual agreements contained in the reference purchasing booklet. This agreements act as a guide on the relationship between the purchasing organization and the company. SAP ERP offers a lot of possibilities in procurement services. It has an increased importance for companies and individual business departments. The first importance is that SAP ERP has enabled the integration of processes that business department have had to bear. Assign purchasing organization to company code: This involves assigning a unique number to the company. You can either use the transaction O*01 or goto IMG and select among the options. The following options may be included: Assign standard purchasing organization to plant: This involves defining one plant where several purchasing organizations procure as standard plant. Reasons being to enable the system to automatically utilize this standard purchasing organizations. Assign purchase organization to reference purchase organization: This step involves making appropriate settings to enable the purchasing staff to incorporate conditions and contract release orders for a cross-purchasing-organization basis. Contracts can be accessed by several purchasing organizations. Other purchasing organizations can use the conditions of reference of other purchasing organizations. â€Å"When configuring the SAP enterprise structure for procurement I would advise companies with more than one legal entity (=

Economic events occur around us every day. This assignment aims to Essay

Economic events occur around us every day. This assignment aims to provide association between what you learn from economic models and concepts in class with real-life events happening around you - Essay Example dly, Greece cannot now maintain its euro as the ratio of debt to domestic rise to 151% in 2012 and expected to remain at 149% in 2013 (â€Å"New York Times,† 2012, p.1). The big question is whether Greece will manage to get out of this major recession or it will result in an economic depression. The year 2012 was big for Greece as economists figured out different ways of getting Greece out of recession and out of debts. Lucas Papademos, Greece prime minister gave hope to the nation of new opportunity to use the saved interests and debt repayments. In March 2012, the country expects European officials to sign 130 billion Euros that Greece needs in stopgap financing. This will help Greece negotiate a landmark debt restructuring deal with its private lenders. The move will also help clear way for European commission, European Central bank, and International Monetary Fund to begin releasing fund to Greece. One worry with the government is that the big money coming in to Greece ended up in the pockets of troika leaving the country in enormous debts and less chances of growth. Greece could not even pay for its vital public services. By July, pressure was building up as Germany officials spoke of a possibility of Greece leaving Euro in fall. Greece was in dire need of a better fiscal policy that would get the country out of the current crisis. The government had hoped to make a better deal to solve the crisis with the involvement of the private sector. Apparently, they have refused and the government cannot force them to do it since the Greek law does not govern their bonds. Worse still is the fact that investors would sue the government for trying to impose the deal on them. The fact that public sector is now the biggest creditor gives an opportunity to the creditor nations of taking collective steps of assisting Greece government before the next crisis hits in. However, this may not yield much because Greece government traded their ability to write down debts to

College Scholarship Essay Example for Free

College Scholarship Essay Hi, my name is Stacey Burrell and I currently attending Boston Arts Academy as a Junior theatre major. I believe its never too early to start looking at colleges and scholarships. My schools of interest include Juilliard, Colombia, and Dartmouth. I am not the first in my family to go to college but I am apart of the first generation. My parents are from Jamaica and never fully completed their education. Ive always had to make the most of financial aid and luck. My parents are definitely not rich but weve always found ways to pay for what we need. My sister just enrolled at Cornell University almost entirely through financial aid and merit based scholarships. I feel as though I deserve this scholarship because my grades definitely reflect how important education is to me. I plan to major in Theatre Arts and minor in Education. See more: how to write a winning scholarship essay Theatre has always been a huge part of my life. My goal for the future is to teach youth how.important theatre is. It can tell stories that help people connect to one another. I also deserve this scholarship to prove to myself that I can actually achieve my dreams. I always set the bar high for myself as you can see in my choice of colleges; its always hard having an older sibling.and being compared to them all the time. This scholarship will just be one step closer to my dream of going to college and following in my sisters footsteps. This essay might not stand out to you because I know there are people out there with sickness and disease. Im in good health and I have a supportive family. All I have to prove that I deserve this scholarship are my grades and my determination to go to college.

A Comparison of King Arthur and Beowulf :: comparison compare contrast essays

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Gold Price and Effect on Stock Exchange

Gold Price Volatility and Stock Market Returns in India P K Mishra Faculty in Economics, Siksha O Anusandhan University, Orissa, India E-mail: [email  protected] com J R Das Faculty in Management, Siksha O Anusandhan University, Orissa, India E-mail: j. [email  protected] co. in S K Mishra Faculty in Economics, TITE, Orissa, India E-mail: [email  protected] co. in Abstract The study of the capital market of a country in terms of a wide range of macroeconomic and financial variables has been the subject matter of many researches since last few decades. Recently one such variable, that is, gold price volatility has attracted the attention of many researchers, academicians and analysts. Thus, this paper is an attempt to analyse the causality relation that may run between domestic gold prices and stock market returns in India. The study by taking into consideration the domestic gold prices and stock market returns based on BSE 100 index, investigates the Granger causality in the Vector Error Correction Model for the period January 1991 to December 2009. The analysis provides the evidence of feedback causality between the variables. It infers that the Gold prices Granger-causes stock market returns and stock market returns also Granger-causes the gold prices in India during the sample period. Thus, both the variables contain some significant information for the prediction of one in terms of another. Keywords: Gold Price, Stock Market Return, BSE 100 Index, India, Volatility, Causality JEL Classification Codes: C22, C32, E44 1. Introduction The study of the capital market of a country in terms of a wide range of macro-economic and financial variables has been the subject matter of many researches since last few decades. Empirical studies reveal that once financial deregulation takes place, the stock markets of a country become more sensitive to both domestic and external factors. And, one such factor is the price of gold. From 1900 to 1971, with the global systems of gold standard and USD standard, gold price was regulated. But, since 1972, gold has been disconnected from the USD. Particularly in 1976 when the International Monetary Fund (IMF) passed Jamaica Agreement, did gold begin to evolve from currency to ordinary merchandise and since then gold price as been determined by market supply and demand. And, in India, the government started the process of globalization and liberalization since 1991 which allowed prices to be determined by the market forces. Gold Price Volatility and Stock Market Returns in India 48 Since then, the government has been taking a number of steps to reform the gold sector and ensure that India benefits from the demand-influence that it has on the gold business internatio nally. The liberalisation of the gold sector has been made in stages; first allowing a number of banks to import gold – braking the monopoly of the State Trading Corporations; then considerably reducing the import duty – destroying a lucrative parallel smuggling channel and now, allowing traders, manufacturers as well as investors to trade in gold futures in India itself. Figure 1: Annual Price Movement of Gold in Indian Market Prior to the introduction of liberalization and globalization policies, gold prices in India showed an increasing trend (Fig. 1). In the post liberalization period, the average annual prices of gold also showed an increasing trend from the year 1991 to 1996. But, it showed a decreasing trend in 1997 and 1998 and again showed an increasing trend in the year 2000. From 2000 to 2009, gold prices are continuously increasing. The domestic gold price in India is continuously increasing due to its heavy demand in the country. There are several reasons gold has high demand in India. The first reason is security; gold offers full security as long as it is retained by central banks. There is no credit risk attached to gold. Secondly, gold is able to maintain its liquidity even at times of crisis situations like high global inflation or political turbulence. The third reason for holding gold is to build a diversified portfolio. Gold also has taken the role of an asset of last resort. World Economic History shows that countries have repeatedly used gold as security against loans when they have had difficulties with their Balance of Payments and have felt the need to borrow on the international capital markets. The domestic gold prices in India are associated strongly with the import parity prices which are determined by the global spot prices, Dollar-Rupee rate and local taxes and levies. Any change in the global prices gets transmitted very quickly and gets reflected in domestic prices, particularly for countries like India who are price takers in gold with a major part of the demand met by imports. The twin factors, namely, (i) increase in global spot gold prices (as the commodity becomes dearer to those looking for safe haven during times of economic crisis, and (ii) appreciation of USD against INR, led to sharp rise in gold prices in India in the recent past. Moreover, the total annual supply of gold across the globe has also decreased from 4037 tons in 2002 to 3380 tons in 2008. India is a large buyer of gold at about 700-800 tons per annum. It also recycles about 200 tons of gold out of old jewellery. A large chunk of Indian imports is used for jewellery exports. Since the gold prices in India are influenced by international factors, its volatility is very important. Volatility involves short term – monthly, weekly or even hourly fluctuations in gold prices as measured by their absolute percentage changes during a particular period. If we look at the rolling 49 P K Mishra, J R Das and S K Mishra standard deviation of monthly gold prices since 2000, the prices are more volatile after July 2007 which is almost the same time when the slow down started in USA as a result of the sub-prime crisis (Fig. 2). Figure 2: Standard Deviation of Gold Price in India A look at the historic data brings out that when the stock market crashes or when the dollar weakens, gold continues to be a safe haven investment because gold prices rise in such circumstances (Gaur and Bansal, 2010). It is no surprise that many investors, big and small have chosen to hedge their investments through gold at the time of crises. Figure 3: Movement of Gold Price and BSE 100 Index 20000 16000 12000 8000 4000 0 92 94 96 98 00 02 04 06 08 BSE100 GOLDPRICE Gold prices have been on an uptick since 2000, while the stock market declined from 2000 to 2003 and then again in 2008 (Fig. 3). In 2008 when the market was suffering from bearish phase worldwide, gold prices spiked as panic spread across global markets. So far since March 2009 in India signs of recovery in the stock markets have emerged. At the same time gold continues to forge ahead, Gold Price Volatility and Stock Market Returns in India 50 lbeit at a slower pace. In 2008, the two assets prices – equity and gold, were moving in opposite directions, displaying the ability of the yellow metal to protect one's portfolios at the time of a dip. In fact, during each of the two prolonged bear phases (lasting at least a year) over the past decade, gold has provided an effective hedge. However, in India stocks do not seem to be perceived as an alternative to gold. The reason for holding gold is, to a large extent, guided by the individual sentiments. The gold investing habits of Indians strongly ingrained in the Indian Social Psyche. In India gold has been held by individuals for years and have passed hands of many generations. In addition, the equity culture in India is not as developed as in some other parts of the world. Gold has not yet lost its prime importance as a hedge against loss of wealth in times of crises. It is with this backdrop, this paper proceeds to investigate the direction of causality between domestic gold prices and stock market returns in India. The rest of the paper is organized as follows: Section II explains the data and methodology, Section III makes the analysis, and Section IV concludes. . Data and Methodology This paper aims at investigating the dynamic relationship between gold prices and stock market returns in India for the period 1991 to 2009. This study is mainly based on secondary data that have been collected from the database on Indian economy maintained by Reserve Bank of India. The study analyses the monthly data on domestic gold prices and stock market returns in India for the aforesaid period. Wherever data were missing, the averages of the data of the previous month and next month have been taken. The monthly stock market returns ( Rt ) based on BSE 100 Index have been calculated by the ? I ? Rt = log ? t ? ? I t ? 1 ? where I and I are the logarithmic difference change in the BSE 100 Index, i. e. , t t ? 1 closing value of monthly BSE 100 Index at time ‘t’ and‘t-1’ respectively. At the outset, the Karl Pearson’s correlation coefficient between the aforesaid time series has been calculated and its significance has been tested by the t-test. The correlation coefficient has been calculated by using the formula: N ? XY – (? X)(? Y) r= N ? X 2 – (? X)2 N ? Y 2 – (? Y)2 And, the significance of this correlation coefficient has been tested by the t-test using the tr n? 2 under the null hypothesis H 0 : ? = 0 against the alternative hypothesis of statistic t n ? 2 = 1? r2 H1 : ? ? 0 with n-2 degrees of freedom. If the calculated value of t exceeds the critical value of t, then the null hypothesis will be rejected; otherwise accepted. Then the Granger causality between the variables has been investigated in the Vector Error Correction framework. And, as the essential steps of Granger Causality test, the stationarity and cointegration between variables have been found out. The Augmented Dickey-Fuller unit root test has been used to examine the stationarity of the time series of the study and to find the order of integration between them. The ADF unit root test has been performed by estimating the regression: ? Yt = ? 0 + ? 1Yt ? 1 + ? ? j? Yt ? j + ? t j=1 p The ADF unit root test is based on the null hypothesis H 0 : Yt is not I(0) . If the calculated ADF statistic is less than the critical value, then the null hypothesis is rejected; otherwise accepted. If the 51 P K Mishra, J R Das and S K Mishra variable is stationary at level, the variable is said to be integrated of order zero, I(0). If the variable is non-stationary at level, the ADF test can be utilised and the first difference of the variable can be used for testing a unit root. In this case, the variable is said to be co-integrated of order one, I(1). In the second step, the Johansen’s cointegration test has been applied to check whether the long run equilibrium relation exists between the variables. The Johansen approach to cointegration test is based on two test statistics, viz. , the trace test statistic, and the maximum eigenvalue test statistic. i = r +1 The trace test statistic can be specified as: where ? i is the i th largest eigenvalue of matrix ? and T is the number of observations. In the trace test, the null hypothesis is that the number of distinct cointegrating vector(s) is less than or equal to the number of cointegration relations ( r ). The maximum eigenvalue test examines the null hypothesis of exactly r cointegrating relations against the alternative of r + 1 cointegrating relations with the test statistic: ? max = ? T log(1 ? ?r +1 ), where ? trace = ? T ? log(1 ? ?i ), k ?r +1 is the (r + 1)th largest squared eigenvalue. In the trace test, the null hypothesis of r = 0 is tested against the alternative of r + 1 cointegrating vectors. At the end, the Granger Causality test has been used to determine whether one time series is useful in forecasting another thereby finding out the direction of relationship between the variables of the study. In the Granger Causality test, the vector of endogenous variables is divided in two sub-vectors, Y1t and, Y2t with dimensions K1 and, K 2 respectively, so that K = K1 + K 2 . The sub-vector Y1t is said to be Granger-causal for Y2t if it contains useful information for predicting the latter set of variables. For testing this property, the levels VAR following form without exogenous variables of the model is considered. A 0 Yt = A1Yt ? 1 + †¦Ã¢â‚¬ ¦ + A p +1Yt ? p ? 1 + B0 X t + †¦Ã¢â‚¬ ¦ + Bq X t ? q + C*D*t + u t If that model contains p + 1 lags of the endogenous variables as in the above model, the test is based on a model with p + 2 lags of the endogenous variables, ? Y1t ? p + 2 ? ?11,i ? 12,i ? ? Y1,t ? i ? ? u1t ? ? ? Y ? + CD t + ? ? ? Y ? = ? ? 2t ? i =1 ? 21,i ? 22,i ? ? 2,t ? i ? ? u 2t ? as proposed by Dolado and Lutkepohl (1996). The null hypothesis that Y1t is not Granger-causal for Y2t is tested by checking the null hypothesis ? 21,i = 0, i = 1, 2,†¦. , p + 1 A Wald test statistic, divided by the number of restrictions pK1K 2 , is used in conjunction with an F(pK1K 2 , KT ? n * ) distribution for testing the restrictions. Here n * is the total number of parameters in the system (Lutkepohl, 1991), including the parameters of the deterministic term. Of course, the role of Y1t and Y2t can be reversed to test Granger-causality from Y2t to Y1t . 3. Empirical Analysis It is clear from the Fig. 3 that the direction of movements of gold prices and BSE 100 Indices in India is same. The value of Pearson’s correlation coefficient (r) between these two time series over the period 1991 to 2009 is 0. 873. To test whether this value of ‘r’ shows a significant relationship between two time series, student’s t-test has been used. The null hypothesis of the test is r = 0 against the alternative of r ? 0. Since the t-statistic at 226 degrees of freedom is 26. 9 and the critical value of t at 5% level of significance is less than it, the null hypothesis is rejected. So, it can be said that the correlation between gold prices and BSE 100 indices is statistically significant. Gold Price Volatility and Stock Market Returns in India 52 Thus, it seems that gold prices and stock market returns based on BSE 100 Index are significantly correlated. And, computation reveals that the value of ‘r’ is 0. 0143 between them which is not statistically significant for the t-statistic of 0. 217 at 226 degrees of freedom. So it can be said that although gold prices and BSE 100 Indices are significantly correlated, the correlation between gold prices and stock market returns based on BSE 100 Index is not significant. But much interesting results have been obtained from the Granger Causality test. The Granger causality test presumes that the given time series are stationary. The Augmented Dickey-Fuller unit root test has been used for this purpose. And, the results of such test are reported in Table 1. Table 1: Results of Augmented Dickey-Fuller Unit Root Test ADF Statistic -14. 61 Critical Values At 1%: -3. 459 At 5%: -2. 874 At 10%: -2. 573 At 1%: -3. 459 At 5%: -2. 874 At 10%: -2. 573 Decision Reject Null hypothesis of no unit root Variables in their First Differences Gold Prices Stock Market Returns -12. 01 Reject Null hypothesis of no unit root It is clear from the Table 1 that the hull hypothesis of no unit roots for both the time series are rejected at their first differences since the ADF est statistic values are less than the critical values at 10%, 5% and 1% levels of significances. Thus, the variables are stationary and integrated of same order, i. e. , I(1). In the next step, the cointegration between the stationary variables has been tested by the Johansen’s Trace and Maximum Eigenvalue tests. The results of these tests are shown in Table 2. The Trace test indicates the existence of two cointegrating equatio ns at 5% level of significance. And, the maximum eigenvalue test makes the confirmation of this result. Thus, the two variables of the study have long-run or equilibrium relationship between them. Table 2: Results of Johansen’s Cointegration Test Sample: January 1991 to December 2009 Included observations: 225 after adjustments Trend assumption: Linear deterministic trend Series: Gold Prices and Stock Market Returns Lags interval (in first differences): 1 to 2 Unrestricted Cointegration Rank Test (Trace) Trace 0. 05 Eigenvalue Statistic Critical Value 0. 264883 83. 69901 15. 49471 0. 062248 14. 46069 3. 841466 Hypothesized No. of CE(s) None * At most 1 * Prob. ** 0. 0000 0. 0001 Trace test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 5 level ** MacKinnon-Haug-Michelis (1999) p-values Unrestricted Cointegration Rank Test (Maximum Eigenvalue) Hypothesized Max-Eigen 0. 05 No. of CE(s) Eigenvalue Statistic Critical Value None * 0. 264883 69. 23832 14. 26460 At most 1 * 0. 062248 14. 46069 3. 841466 Max-eigenvalue test indicates 2 cointegrating eqn(s) at the 0. 05 level * denotes rejection of the hypothesis at the 0. 05 level ** MacKinnon-Haug-Michelis (1999) p-values Prob. ** 0. 0000 0. 0001 53 Table 3: Results of Granger Causality Test P K Mishra, J R Das and S K Mishra Null Hypothesis Gold Prices do not Granger Cause Stock Market Returns Stock Market Returns do not Granger Cause Gold Prices F-Statistic (73, 12) 11. 678 32. 997 Probability 0. 000 0. 000 Decision Reject Reject Now, the Granger causality test can be performed to determine the direction of causation between these two variables in the Vector Error Correction Model. The results of the Granger causality test are reported in Table 3. It is inferred that the null hypothesis of â€Å"Gold Prices do not Granger Cause Stock Market Returns† and â€Å"Stock Market Returns do not Granger Cause Gold Prices† are here clearly rejected. Thus, both the variables contain some significant information such that they cause each other. But it is very interesting to note that these two variables are insignificantly correlated, i. e. , a very low degree of correlation holds between them. During the period of global financial crisis, stock markets crashed but gold price continues to increase in the country. This could be explained as follows. The extent of holding of gold in India is widespread but stocks are not held by all, though retail participation in the Stock Markets might have gone up in the last few years. Indians consider gold the safe haven investment as a financial asset and as jewellery. World Gold Council Report says that India stands today as the world’s largest single market for gold consumption. Traditionally, gold has been more attractive than bank deposits, stocks and bonds. In developing countries, people have often trusted gold as a better investment. In many countries including India, gold remains an integral part of social and religious customs, besides being the basic form of savings. But recently many innovative financial products have been lunched relating to gold. In March 2003, the first Gold Exchange Traded Fund, i. e. , Gold Bullion Securities was launched on the Australian Stock Exchange. Now, gold exchange traded funds are being traded like shares on the major stock exchanges including London, New York and Sydney. In India the first gold ETF was launched in March 2007 by Benchmark Mutual Fund. And, the UTI gold ETF has emerged as the best performer since May 2009. The number of new accounts created by Gold ETFs in India surged 57% between March and September 2009. The overall AUM in Gold ETFs at the end of December 2009 was Rs 1,352 crore, up from Rs 717 crore in April 09. It shows that Indian investors are gradually moving into gold ETFs for investment instead of physical form. Recently derivatives such as gold forwards, futures and options have become very popular and have been traded on various exchanges around the world and over-the-counter directly in the private market. In the USA, gold futures are primarily traded on the New York Commodities Exchange. In India, the National Commodity and Derivatives Exchange introduced 100 gram gold futures in November 2006. The volume of Gold futures traded in this exchange during January to August 2007 was 4,479,114 which have been increased to 9,038,795 in January to August 2008. It is thus inferred that Indians have started considering gold more than jewellery and as good as investments on bonds and equities. Perhaps, this explains the co-movement of gold prices and stock prices in the aftermath of global financial crisis. Gold Price Volatility and Stock Market Returns in India 54 4. Conclusion This paper examines the gold price volatility and the causality between domestic gold prices and stock market returns in India for the period 1991 to 2009. The study uses monthly data on the defined time series. The required data have been collected from the database of Reserve Bank of India. The Augmented Dickey-Fuller test says that the time series of the study are stationary and all integrated of order one. The Johansen’s cointegration test reveals that there exists long run equilibrium relation between gold prices and stock market returns in India. Then application of Granger causality test in the vector error correction model suggests the evidence of feedback causality running between the gold prices and BSE 100 Index based stock returns in India. Thus, each variable contains some ignificant information so that one can be used to predict the other. References [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] [20] Abken A. Peter (1980), â€Å"The Economics of Gold Price Movements†, Federal Reserve Bank of Richmond, Economic Review, March /April. pp 3-13. Aggarwal R. and Soenen, L. A. (1988), â€Å"The Nature and Efficiency of the Gold Market†, The Journal of Portfolio Management, Vol. 14, pp. 18-21. Agarwal, Sanjeev (2004), â€Å"Bullion Markets†, BSE Review of Markets, pp. 46-48. Aggrarwal, R. , Inclan, C. , & Leal, R. (1999). â€Å"Volatility in Emerging Stock Markets†. Journal of Financial and Quantitative Analysis, Vol. 34, 33-55. Asuncion, J. 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Second Edition, Princeton: Princeton University Press. Chua, J. , and Woodward, R. (1982), â€Å"Gold as an Inflation Hedge: A Comparative Study of Six Major Industrial Countries†, Journal of Business Finance and Accounting, Vol. , pp. 191-197. Citanna, A. , & Schmedders, K. (2005). â€Å"Excess Price Volatility and Financial Innovation†. Economic Theory, Vol. 26, 559-587. Dickey, D. A. , & Fuller, W. A. (1981). â€Å"Likelihood Ratio Statistics for Auto-Regressive Time Series with a Unit Root†. Econometrica, Vol. 49, 1057-1072. Dolado, J. J. a nd Lutkepohl, H. (1996), â€Å"Making Wald Tests Work for Cointegrated VAR Systems†, Econometric Reviews, Vol. 15, pp. 369-386. Dun’s Review (1980), â€Å"Bring Back the Gold Standard†, Vol. 115, No. 2, pp. 58-67. Engle, R. , & Granger, C. W. (1987). â€Å"Cointegration and Error Correction: Representation, Estimation and Testing†. Econometrica, Vol. 55, pp. 251-276. Ensers, Walter (1995), Applied Econometrics Time Series, John Wiley and Sons, Singapore. Gaur, A. and Bansal, M. (2010), â€Å"A Comparative Study of Gold Price Movements in Indian and Global Markets†, Indian Journal of Finance, Vol. 4, No. 2, pp. 32-37. Ghosh, Dipak, Levin, E. J. , Macmillan, Peter and Wright, R. E. (2002), â€Å"Gold as an Inflation Hedge†, Discussion Paper Series No. 0021, Department of Economics, University of St. Andrews. 55 [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] P K Mishra, J R Das and S K Mishra Granger, C. W. (1986). Developments in the Study of Cointegrated Economic Variables†. Oxford Bulletin of Economics and statistics, Vol. 48, 213-228. Granger, C. W. (1969). â€Å"Investigating Causal Relation by Econometric Models and Cross Spectral Methods†. Econometrica, Vol. 37, pp. 424-438. Granger, C. W. (1974). â€Å"Spurious Regressions in Econometrics†. Journal of Economet rics, Vol. 2, pp. 111-120. Granger, C. W. , & Morgenstern, O. (1963). â€Å"Spectral Analysis of New York stock Market Prices†. Kyklos, Vol. 16, 1-27. Greene, William H. (2003), Econometric analysis, 5th ed. , Pearson Education Publishers, New Delhi. Gujarati, D. N. & Sangeetha. (2007). Basic Econometrics. New Delhi: TMH Publishing Company Ltd. Johansen, S. (1995). Likelihood-Inference in Cointegrated Vector Autoregressive Models. Oxford: Oxford University Press. Johnson, H. Clark (1994), â€Å"The Gold Standard, France and the Coming of the Depression: 1919-1932†, Yale University. Kendall, M. (1953). â€Å"The Analysis of Economic Time Series†. Journal of the Royal Statistically Society, Series A, Vol. 86, 11-25. Kim, Youngje (2002), Gold Analysis, web. syr. edu/~ykim30/file/gold. pdf Lutkepohl, H. (1991), Introduction to Multiple Time Series Analysis, Springer Verlag, Berlin. MacKinnon, James G. , Alfred A. Haug, and Leo Michelis (1999), â€Å"Numerical Distribution Functions of Likelihood Ratio Tests For Cointegration,† Journal of Applied Econometrics, 14, 563-577. Poitras, G. and Neil Alan (1996), â€Å"A Study of Gold Futures Price Spreads†, Columbia University. Poon, S. H. , & Granger, C. W. (2003). â€Å"Forecasting Volatility in Financial Markets: A Review†. Journal of Economic Literature, Vol. XLI, 478-539. RBI (1997), â€Å"Gold in India†, Reserve Bank of India Bulletin. Rueff, J. and Hirsch, F. (1965), â€Å"The Role and the Rule of Gold- An Argument†, Princeton Paper No. 7, June. Salent, S. , and Henderson, D. , (1978), â€Å"Market Anticipation of Government Policies and the Price of Gold†, Journal of Political Economy, Vol. 86, pp. 227. 249 Schill, M. J. (2006). â€Å"New Perspectives on Investing in Emerging Markets†. The Research Foundation of CFA Institute, Emerging Markets (May) . Shah, A. ( 1999). â€Å"Institutional Change on india's Capital Markets†. 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Influence of Religion on the Civil Rights Movement

Religion has had a profound effect on numerous events throughout the course of American history. The Civil Rights Movement was not withheld from the influence of religion, particularly Christianity and Islam. Many of the key players such as Martin Luther King, Jr. and Malcolm X, who were devoted to the cause of justice and equality for African Americans, gained their passion from their spiritual roots. Through these religious leaders organizations were established to fight for civil rights. It was through these religious men and the religion of blacks that the fight for equality gained enthusiasm and courage to fight oppression and discrimination. Opposition also came from religion, however. Reverend Jerry Falwell and the white supremacists of the Ku Klux Klan, who fought against the Civil Rights Movement, based their justification for an inferior black race on their religious beliefs. The Civil Rights Movement, by the people and parties involved, was in itself a battle of beliefs. How is religion involved in the progression and initiation of the fight for equality for African Americans? Christianity, being the a religion active in the Civil Rights Movement, has aspects within its doctrine that encourages equality. It contributed in giving African Americans the passion and the support to continue on in the struggle despite its hardships. â€Å"‘I come to preach, to liberate them’†¦. The thrust of the Civil Rights Movement†¦was that God was on the side of the oppressed, the poor, the downtrodden, the outcast, the persecuted, the exploited. God is on the side of justice† (Williams 119). Those that believed in God also believed that this divine, powerful being was behind their every effort and would grant them victory in the battle for civil rights. They saw themselves as the persecuted and knew that their God would have compassion on them through their difficulty. Moreover, the Christian faith brought unity among African American because they saw others turning to faith for hope to gain equality and so they followed suit. â€Å"According to several respondents, religion engendered in them collective identities and meanings that imbued a sense of purpose† (Williams 113). It â€Å"inspired the construction of perspectives proclaiming, ‘people who were products of segregation must be viewed theologically as the poor, the handicapped, the downtrodden. And theologically we have a responsibility to use our faith—to not be afraid to confront the oppressor’† (Williams 113). Many Christians believed it was their duty and their way of showing obedience to God by fighting those who discriminated against them. Christianity was certainly a motivator and contributor to the Civil Rights Movement. It caused African Americans to not limit their movement to the potential of a human being. Instead, they gained hope in believing that something more powerful than them was working to give them equality. Despite the unity and empowerment that blacks received from their churches, white churches mostly existed in the background and never really urged their members to partake in the Civil Rights Movement. Rather, they sat back in a more comfortable position and consented to the Supreme Court’s decision to segregate. Integration, although it did occur, had a very slow progression in Caucasian churches and schools. Roman Catholicism was the first Christian sect to completely integrate their parochial schools (Mathisen 575). With Catholics and most other sects of Christianity, preachers gave sermons to white folks, many of whom favored segregation. If a pastor spoke out about the injustices of discrimination and encouraged civil rights, they might be removed from their position as a clergyman. Moreover, Ku Klux Klan members were mixed in their churches as well. â€Å"Much of the minister’s ardor is dampened when he returns to his flock though this is not to say that he bends completely to their will. It is not without significance that some fairly strong announcements have been made on the local level† (Mathisen 574,575). Based on their audience, white pastors had to weaken their sermons so that people would continue to attend their church and so they could maintain their job. Clearly, white Americans were not all opposed to integration. Rather, many of them just did not desire to sacrifice their lifestyle to help African Americans in their struggle for equality. Yet, this is not to say all Caucasians did not fight for civil rights, but the majority of them were not an active part of the movement. Such a religious force in America that did not partake in the struggle for civil rights held back some of the potential of the movement. The Ku Klux Klan, notorious for their brutality towards others, fought against the efforts of Civil Rights activists. Despite their ruthless behavior, the Ku Klux Klan had members in law enforcement and within the church. Members of this organization believed that only white Christian people should exist within America and that other races should be honored to be controlled by Caucasian Christians. If others, such as the African Americans in their fight for civil rights, tried to gain an equal status, then the KKK would use ruthless tactics to suppress them. They defended their violent acts against African Americans by referencing their faith. A member of the KKK was asked in an interview, â€Å"What is your explanation of why there have been so many National Police Agents [F. B. I.? ] involved in the case of the ‘missing civil rights workers’† (Mathisen 576)? The Ku Klux Klan member, knowing that the National Police Agents involved were in cooperation with the KKK, responded, â€Å"First I must correct you on your terms. Schwerner, Chaney and Goodman were not civil rights workers. They were Communist Revolutionaries, actively working to undermine and destroy Christian Civilization† (Mathisen 576). Later on in the interview the KKK affiliate declared that Lyndon B. Johnson, a president known for his support of the Civil Rights Movement, â€Å"is a communist sympathizer† (Mathisen 576). This member was clearly discussing the Civil Rights activists. He proclaims that they were tainting the Christian religion, which is why they were killed and are â€Å"missing. This notion brings up religion as a contributor to their own views against African Americans. â€Å"The KKK uses words from the Holy Bible and teachings from Protestant Reverends to support its cause and justify its actions† (Fisher 1). They truly rationalize their superiority complex and their brutality to blacks by the Christian faith. By using Christianity, they too obtained unity against the Civil Rights Movement. The Ku Klux Klan was not the only notorious adversary of civil rights. A prominent opponent of the fight for African American equality and was the Baptist minister, Jerry Falwell. Falwell was a strong supporter of segregation and believed that based on the bible, â€Å"Africans were the cursed descendants of Ham, and worthy only of subservience to white people† (Kimberley 1). In Genesis of the bible Ham was cursed by his father, Noah, for disrespecting him. Through this, Reverend Falwell believes that African Americans should not gain any standing in society. To him it is the natural place of blacks to be below the status of whites due to the actions of their ancestors (Kimberley 1). Due to this, his position on civil rights legislation is very ardently against it. He has been reported to have said that the Civil Right Movement is a ‘civil wrong’ (Kimberley 1). Clearly, religion was used on both sides of the spectrum as a means to rally for a cause. While it was used by blacks for their crusade, some whites relied on it as tool to keep segregation and maintain discrimination. Martin Luther King, Jr. is one of the most famous leaders of the Civil Rights Movement. It is through him and others like him that African Americans gained justice and equality. One of the motivators of this intelligent, talented orator is most certainly his faith. Before ever becoming a part of the battle for civil rights, King was a devoted Christian and minister of Dexter Avenue Baptist Church (King 47). He, then, carried these beliefs into the Civil Rights Movement. â€Å"There comes a time when people get tired of being trampled over by the iron feet of oppression† (Kelley 463). King continues on in a freedom sermon, â€Å"I want say that we’re not here advocating violence†¦We have never done that†¦I want it to be known throughout Montgomery and throughout this nation that we are a Christian people†¦We believe in the Christian religion. We believe in the teachings of Jesus. The only weapon we have this evening is the weapon of protest† (Kelley 463). The reactions to these words were astounding. People identified with this idea and it gave them passion and courage to pursue equality. â€Å"All through that statement of religious identity the people shouted and applauded, moved with King, pressed him forward even as he urged them toward their own best possibilities† (Kelley 463,464). By their religious unity the Civil Rights Movement becomes undeniably contagious. As faith is mentioned, everyone joins in the excitement of the crowd and begin to trust that with numbers they can protest and achieve equality. Martin Luther King, Jr. ’s most famous speech â€Å"I Have a Dream† contains within it references to religion, faith, and hope. â€Å"And when we allow freedom to ring, when we let it ring from every village and every hamlet, from every state and city, we will be able to speed up the day when all of God’s children—black men and white men, Jews and Gentiles, Catholics and Protestants —will be able to join hands and sing the words of the old negro spiritual, â€Å"Free at last, free at last; thank God Almighty, we are free at last† (Finkenbine 190). This speech, like many of his others, held within it the idea of nonviolence. King looked to an Indian leader named Mahatma Gandhi as a guide to his desire to resist violence in the Civil Rights Movement. Despite this, he always turned to the Bible as a source to defend this action. King puts it best when he said, ‘The spirit of passive resistance came to me from the Bible, from the teachings of Jesus. The technique came from Gandhi† (Kelley 468). Religion was certainly Martin Luther King, Jr. ’s driving force as he became a prominent leader of the movement. He used Christianity as a means to support his every action and without its inspiration he would not have had nearly as great an effect on the Civil Rights Movement. Through him, African Americans came together inspired to make a change to society and not stand for injustice. Another contributor to the Civil Rights Movement was a man known as Malcolm X. He, like numerous other African Americans, took to practicing the religion of Islam. Elijah Muhammad, a member of the Nation of Islam (NOI), influenced Malcolm X and many others into pursuing these beliefs (Kelley 478). Black Muslims viewed themselves in American society as â€Å"an isolated and unappreciated appendage† (Mathisen 576). Muhammad saw the black race as not wanted and believed that the only way to achieve peace in such a circumstance is to remove those that do not desire them. Moreover, he taught that white people belong in Europe and that, â€Å"there will be no peace until every man is in his own country† (Mathisen 576). Black Muslims stressed their own identity and black racial supremacy. They had little desire to integrate and would have rather made America their own Islamic nation. With such a heavy goal, they decided to become a part of the Civil Rights Movement and obtain the rights that they believed were due to them. Malcolm X was brought into the Nation of Islam and it became his inspiration to gain equal rights for African Americans. He actually, despite Elijah Muhammad’s influence, was the leader who made the Nation of Islam a prominent and powerful force in the United States. Unlike Martin Luther King, Jr. , Malcolm X believed in violence as a means for blacks to gain better standing in society. People looked to him as the militant, uncompromising man who would use violence when needed to scare whites into accepting their conditions. He too believed, as many black Muslims, that building black institutions and defending blacks was far more important than integrating into society. Through men like Malcolm X and Elijah Muhammad, â€Å"the Nation of Islam attracted thousands of urban blacks to the disciplined life of abstinence, prayer, and black self-determination† (Kelley 478). Although their techniques were different in achieving civil rights for African Americans, this religion of Islam motivated people just like Christianity to fight for equality and justice. As religious leaders began to speak up and stand up against the prejudices that African Americans faced, organizations began to form to further the effectiveness of the struggle for civil rights. One such organization is Congress for Racial Equality, or CORE. This group, which organized direct nonviolent protests, branched off of the Fellowship of Reconciliation. The Fellowship of Reconciliation was a Christian pacifist group formed during World War I. They, like Martin Luther King, Jr. , believed in the ideas of Mahatma Gandhi and implemented Christian values into their approach (Kelley 450). The Christian Movement for Human Rights (ACMHR) focused on destroying legalized segregation, particularly on downtown stores and municipal facilities. Another association that sprung up out of religious roots is the Southern Christian Leadership Conference (SCLC). By 1957, Martin Luther King, Jr. and several black ministers from the South came together to form this organization which was based on the â€Å"Montgomery experience† (Kelley 470). One of their major accomplishments during this time was that they held conferences and organized people, such as when a group of some twenty thousand people came together in Washington, D. C. to pray for civil rights legislation. The fact that a mass amount of people came to pray that day gave others in the church the inspiration to look beyond their own means and to see things occurring which have never before. This gave African Americans hope and led more of them to these gatherings since they know that their desire for justice can be heard. Religion had a major effect on the Civil Rights Movement. Even when it was on an individual level such as with Martin Luther King, Jr. and Malcolm X, the effects of religion trickle down into the masses. Speech after speech, African Americans became inspired and empowered by them and began to believe in things beyond their own human capacity. Blacks turned to divine beings as a means to achieve equality and justice. Religion helped teach them to ignore the years of discrimination and damage to their self-esteem. It gave them the power to stand strong in the face of hurt and in the face of humiliation. Without religion, the Civil Rights Movement would not have had the unity, and hope that allowed it to continue on. At the same time, however, the enemies of the movement found their muse to keep segregation and discrimination. Religion was then used by them too as a means to protect their way of life and maintain the status over blacks that they had ingrained in them since the time of slavery. Religion had a mixed influence over the movement, but in the end African Americans would see the day when they gained those civil rights. They would see the day when blacks have equality under the law in America.

Market for eco

Market for eco The hospitality industry is increasingly adopting green strategies as part of its corporate strategy. This need stems from the realization, among hotel owners, that they have a part to play in making the world more sustainable. Perhaps another key driver that is primarily responsible for this move is response to customer needs. Buyers, now more than ever before, are aware of man’s impact on the planet.Advertising We will write a custom research paper sample on Market for ecos of the firms that have achieved this certification include Hotel Alantico in Portugal and Sunwing Resort in Greece. Several global brands are using the green strategy in huge proportions. One such organization is Marriot, which has a conglomerate of about 300 hotels worldwide. The hotel has established LEED certification for some of its hotel buildings. Here the hotels abide by strict sustainability standards. It plans on doing the same for the rest of its branches by 2015. Other relatively smalle r hotel chains have also embraced the strategy and are located in different parts of the world. For instance, Six senses is a hotel in Con Dao Vietnam. It is committed to environmental sustainability by purchasing building materials from sustainable sources. The hotel also changes its ventilation system in order to accommodate them. Hotel Tierra in Chile is yet another hotel that relies on local labor for all its furnishings. The building’s walls are made of wood so as to control internal temperature without using artificial heaters. In Puerto Rico, the country has a hotel called Hix island, which uses solar to power the facility.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, it collects rain waters and also tackles grey water. Kenya has a hotel known as Campi ya Kanzi. It is solar-powered, and all the parts of the building came from naturally-fallen trees (Petronzio 26). Options vary on how a hotel can choose to execute its eco strategy. Some competitors prefer to focus mostly on operational aspects while others take a more holistic approach. The building as well as the materials used to furnish the hotel may become the preferred option. Even interactions with locals can become part of one’s strategy. The more holistic a hotel is, the more marketable it becomes to eco-travelers. Statistics indicate that although several ecohotels exist, it is mostly the large hotel chains that appear to dominate this industry (Grigoras 3). Scientists explain that their propensity to go for eco-strategies stems from their economies of scale. Many large hotels buy supplies in bulk. Furthermore, some of the cost savings that stem from energy preservati on or water conservation are better-felt by large hotel chains. This advantage means that they are more likely to stick to the strategy, and this will lead to better marketing of the same. When an organization can boast of greater use of eco friendly products, it is likely that it will impress more eco-conscious travelers than those that only use green strategies to a smaller degree. Large hotel chains may be the dominating party in the eco-hotel industry. However, not all consumers are interested in large chains. Environmental travelers want family-friendly and cozy atmospheres that do not replicate images of large-scale hotel chains. They prize facilities that are as close to the environment as possible. Therefore, if an independent hotel can commit to environmental principles, but still stay small and comfortable, then it will provide added advantages to buyers. This combination of qualities will make an impact in the eco-hotel industry. The marketing plan will fulfill the gap in the competitive landscape. It will be a refreshing alternative to the modern hotel designs that have crowded the hotel industry. Travelers want intimate locations that are as close to nature as possible. Therefore, these qualities will make the proposal a tangible solution to the current environment. Grigoras, Oana. Chain hotels go green easier than independent competitors. 2013. Web. Orams, Mark. Types of Ecotourism. Wallingford: CABI Publishing, 2001. Print. Petronzio, Matt. 30 gorgeous eco-friendly hotels. 2013. Web. Wall, Geofrey. â€Å"Ecotourism: Change, impacts and opportunities.† Bulletin 5(2007): 108 -118. Print. Weaver, David and Laura Lawton. â€Å"Twenty years on: the state of contemporary ecotourism research.† Tourism Management 28(2007): 1168–1179. Print.